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Jan 3, 2013
01/13
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the whole today of sales have come early to spain. thousands of shoppers retail buzz hunting yesterday. changes to legislation means january sales have been brought forward by five days this year, just in time for a gift-giving tradition on january the 5th. and france's anti-trust authority has rejected a proposed merger of illiad and vendi. it's been subject to intense competition. vivendi suggested in the future that the future of sfr may be contingent on merges or network sharing deals pt. >>> and the french president francois hollande suggests he may have to come up with a plan b after the proposed 75% of top rate income tax was rejected by france's constitutional court. stephane is in paris for the first on "worldwide exchange" this year. nice to see you. so is there a plan b in the offering? what might he do to get around the constitutional court's objections? >> not that the media was aware of, but, obviously, the government will have to come back with a plan b. francois hollande stated a few days ago he would come back with a
the whole today of sales have come early to spain. thousands of shoppers retail buzz hunting yesterday. changes to legislation means january sales have been brought forward by five days this year, just in time for a gift-giving tradition on january the 5th. and france's anti-trust authority has rejected a proposed merger of illiad and vendi. it's been subject to intense competition. vivendi suggested in the future that the future of sfr may be contingent on merges or network sharing deals pt....
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Jan 30, 2013
01/13
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. >> spain sees a bigger than expected gdp decline in the fourth quarter. one of the most indebted regions asking madrid for more than nine million euros. >>> roche strides lower after posting solid earnings on strong sales of its cancer medicine. analysts warn about the loss of exclusive rights to a key chemotherapy drug. >>> game over for super mario and friend to turn a profit. nintendo unexpectedly swings to its full-year forecast to a loss showing a poor uptake for its wii u consoles. >>> see you in september. australia's prime minister sets a surprise election date saying it will create certainty for business. >>> okay. welcome to today's program. and you know, we spent all that time waiting for five. today it's about the ten. >> how long did it take you to come up with that? >> about ten seconds ago. >> very good. we're talking about mobile phones. >> yeah. >> do you think people can guess we're talking about the iphone 5. you're waiting for 5. >> you'll about the 10, ladies and gentlemen, blackberry 10. is it the rim lazarus move? >> we saw stocks g
. >> spain sees a bigger than expected gdp decline in the fourth quarter. one of the most indebted regions asking madrid for more than nine million euros. >>> roche strides lower after posting solid earnings on strong sales of its cancer medicine. analysts warn about the loss of exclusive rights to a key chemotherapy drug. >>> game over for super mario and friend to turn a profit. nintendo unexpectedly swings to its full-year forecast to a loss showing a poor uptake for...
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Jan 9, 2013
01/13
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and there are protests scheduled across spain today. both employees taking to the streets to protest the job cuts. >> we've seen in france the difficulty that automakers have had in shutting down production which everyone says is needed to write right -- to right size the profitability. in the banks, an easier sector to malign if you're the government. how do you ensure their future if you can't downsize now? >> the talks have just started now. i don't know whether they will have much difficulty pushing them through. it's part of what's happening across the board in spain here. figures have come out for 2012. spain's got the highest unemployment rates in europe or one of the highest. it's neck in neck with greece. during 2012, over 2,000 jobs per day were destroyed here in spain. so a country with a population of, you know, around -- under 40 million. so it's -- there's more than six million unemployed in spain now. that's 1/3 of the unemployed in the eurozone. people are just beginning to see it as inevitable that there are going to be
and there are protests scheduled across spain today. both employees taking to the streets to protest the job cuts. >> we've seen in france the difficulty that automakers have had in shutting down production which everyone says is needed to write right -- to right size the profitability. in the banks, an easier sector to malign if you're the government. how do you ensure their future if you can't downsize now? >> the talks have just started now. i don't know whether they will have...
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Jan 22, 2013
01/13
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at the end of the day, spain has taken a lot of pain. versus worked with the spanish for about 20 years now, i know they have the ability to reinvent themselves. i'm hoping they are going to get on with it, knuckle down. unemployment is looking grim. the reality on the street knot great. at the end of the day, they're trying to get on and fix their problems. i hope the market has given them support. let's wish them well, not only on the short end, but i think on the ten year. >> they did interesting oppose the appointment of this now dutch minister to head the euro group. are there any significant changes there as to how the euro is going to handle spain going forward? >> spain has a slightly difficult relationship. they don't want to get bailed out. i think we can understand why. i think people are trying to push them too far towards the bailout option are going to meet some resistance. i'm very sympathetic to that. i'd like the market to be able to deal with this and move on. as you say, we don't really know. what we found last year wa
at the end of the day, spain has taken a lot of pain. versus worked with the spanish for about 20 years now, i know they have the ability to reinvent themselves. i'm hoping they are going to get on with it, knuckle down. unemployment is looking grim. the reality on the street knot great. at the end of the day, they're trying to get on and fix their problems. i hope the market has given them support. let's wish them well, not only on the short end, but i think on the ten year. >> they did...
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Jan 24, 2013
01/13
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it's in and out just greece and spain. unemployment for the youth is higher than the general unemployment level everywhere in the world. >> how do you fix it? >> engaging youth for -- and creating better golden triangles between business, government and civil society to proet provide clearer paths of success to the youth, to that generation. reforming, but not over the long-term. quicker our education system around the world, to provide a better balance between -- to address the gap of capability in the world. wa business needs today versus what the universities are providing. so it's a complicated matter, but we need to become more action orientateed. >> how big a skills gap? we just had john chambers on. we talked about however the world changes on that event. how do we know what teaches people to stay for the jobs of tomorrow? >> well, the jobs of tomorrow, we might not know what they are. >> listening to the youth better in terms of what their expectations are. and i think part of -- part of the reason why today there
it's in and out just greece and spain. unemployment for the youth is higher than the general unemployment level everywhere in the world. >> how do you fix it? >> engaging youth for -- and creating better golden triangles between business, government and civil society to proet provide clearer paths of success to the youth, to that generation. reforming, but not over the long-term. quicker our education system around the world, to provide a better balance between -- to address the gap...
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Jan 29, 2013
01/13
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spain at 5.24%. we've been keeping our eye on the pound which has been weakening over the last week or so. sterling/dollar, steady above 1.57. aussie/dollar, 1.04. dollar/yen, above 90 and euro/dollar, 1.3437. >>> the s&p case-shiller index is out at 9:00 a.m. eastern. at 10:00, it's january consumer confidence. analysts are reading, looking for a slight downtick from december. we'll hear from eli lilly and pfizer. dr horton, a home builder, emc, harley davidson and jet blue and after the close we'll hear from amazon. so a busy day both in terms of earnings and data. a busy week, in fact, we'll hear from the fed tomorrow, the jobs report friday. gdp tomorrow. i'm all excited. >> today -- the close yesterday, i don't know on, yesterday was pretty directionus when we closed. >> it was amazing to see that cnbc index. we don't usually see that. it's been very quiet in markets despite all of those major events. you wonder whether people are positioned to move open. >> we've had this big run, a little brea
spain at 5.24%. we've been keeping our eye on the pound which has been weakening over the last week or so. sterling/dollar, steady above 1.57. aussie/dollar, 1.04. dollar/yen, above 90 and euro/dollar, 1.3437. >>> the s&p case-shiller index is out at 9:00 a.m. eastern. at 10:00, it's january consumer confidence. analysts are reading, looking for a slight downtick from december. we'll hear from eli lilly and pfizer. dr horton, a home builder, emc, harley davidson and jet blue and...
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Jan 8, 2013
01/13
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that's the program. >> take advantage of the current climate. >>> staying in spain, spain's prime minister is in germany today meeting with angela merkel. bob, one of the tail risk that's dissipated last year was any thought that greece would be kicked out of the eurozone. germany finally decided we can't afford to kick them out so we'll just keep paying them. is there anything that's going to change on that story? >> much against the views of many who were convinced the euro was going to crash, i think it's clear that a change of strategy, it's clear the greek government so far has been able to hold together and is at least deliver a program of fiscal targets that the troika is prepared to accept. but we know with the debt levels that they've already got -- >> at some point, we need large debt forgiveness program. >> i think a debt forgive ps program for the official critters is going to happen. but not this year, not before the german election and probably well into 2014. so this process will continue to talk about everything is fine and dandy until we get to 20140. >> by the way, we've
that's the program. >> take advantage of the current climate. >>> staying in spain, spain's prime minister is in germany today meeting with angela merkel. bob, one of the tail risk that's dissipated last year was any thought that greece would be kicked out of the eurozone. germany finally decided we can't afford to kick them out so we'll just keep paying them. is there anything that's going to change on that story? >> much against the views of many who were convinced the...
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Jan 10, 2013
01/13
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and we have something to watch today in spain, as well. it's the first bond auction of the year for the al beeran company. the treasury is slashing the debt market up to 5 billion euros since 2013. lloyd's expects a positive results with the first take up. it will be the first issue to feature a collective action clause, designed to make it easier for the government to restructure debt in the case of future crisis. and president obama is expected to make the final touches to his second term economic team today. cnbc's john harwood has more on the changes coming to the u.s. treasury department. >> president obama has already filled out the members of his national security team for the second term. now he's filling out the economic term for a second term including his choice for treasury secretary. later today, we expect the president is going to appoint his current white house chief of staff jack lou as current treasury secretary. jack lew is a veteran of capitol hill and of more than one big major budget negotiations which is exactly what
and we have something to watch today in spain, as well. it's the first bond auction of the year for the al beeran company. the treasury is slashing the debt market up to 5 billion euros since 2013. lloyd's expects a positive results with the first take up. it will be the first issue to feature a collective action clause, designed to make it easier for the government to restructure debt in the case of future crisis. and president obama is expected to make the final touches to his second term...
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Jan 28, 2013
01/13
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that's still a good percentage point below spain. italy will test debt markets today with an auction up to 2.3 billion in two-year bonds. for more on what we might expect, head of strategy at ing investment management, valentine. how important is this auction? >> i think it is important, but the signs are relatively good. we have seen so far in this year the market is willing to take up the auctions from third world countries and sizable auctions from spain last week. i would say that so far the market is digesting political news or news surrounding the italian banking sector relatively easy. and you see that not only of italian investors or spanish investors, but also international investors for sovereign bonds in italy and spain has really picked up and, therefore, i would be quite constructive on the auction. >> if anything, people are raising questions about how much further this move can go in tandem with what we've seen in equity markets. what's your view on that? >> well, i do agree with that. there's clearly a message shift i
that's still a good percentage point below spain. italy will test debt markets today with an auction up to 2.3 billion in two-year bonds. for more on what we might expect, head of strategy at ing investment management, valentine. how important is this auction? >> i think it is important, but the signs are relatively good. we have seen so far in this year the market is willing to take up the auctions from third world countries and sizable auctions from spain last week. i would say that so...
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Jan 7, 2013
01/13
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steady yields for italy and spain. the 5% mark, 5.08%. on the currency market, dollar/yen is taking a lot of focus. we hit that 1.2990. we hit 88.48 on last week. you can see at the moment, 87.76. we're at the july 2010 high on dollar/yen. euro/dollar, just below 1.30 last week. just above it at the moment. 1.3034 is where we stand. with that, here we are with european trade. let's remind you on what's happening in asia. li sixuan joins us. >> thank you, ross. asian markets picked up the second trading week of the year on a low note the the nikkei 225 snapped it's winning streak to close .8el% lower. investors took profits on exporter stocks. utilities stocks tumbled after nomura securities downgraded its ratings on some power utilities companies. the chinese bust the trend ahead of trade numbers and cpi data due later this week. the shanghai composite gained a modest .4% to close at the highest level since june 2012. health care stocks rallied after china's premier over the weekend urging investment in medical innovation. but developers
steady yields for italy and spain. the 5% mark, 5.08%. on the currency market, dollar/yen is taking a lot of focus. we hit that 1.2990. we hit 88.48 on last week. you can see at the moment, 87.76. we're at the july 2010 high on dollar/yen. euro/dollar, just below 1.30 last week. just above it at the moment. 1.3034 is where we stand. with that, here we are with european trade. let's remind you on what's happening in asia. li sixuan joins us. >> thank you, ross. asian markets picked up the...
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Jan 2, 2013
01/13
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on the bond markets seeing yeelgds come lower in spain and italy. nudging higher for bunds and gilds. equities to remind you, ftse up 1.5%. 2% for the xetra dax after 29% last year. the cac 1.8%. the ibex 8% down for the year last year 4.7%. and that is the backdrop as we bring in tom elliot, global strategist at jpmorgan asset management. happy new year. u.s. equity markets negative in the fourth quarter unlike those in shanghai and nikkei which were up sharply. was that just a fear of the fiscal cliff and do we now get a rebound as a result? have we got this temporary deal? >> there's a combination of that and obviously nervousness has been existing throughout the whole of last year that the u.s. profit margin psych sell rois i rolling over -- cycle is rolling over. we have confidence that equity returns will be positive next year, this year, rather, and we're overweight in many of our portfolios. >> you're -- that was the big play sort of in the first half of last year. a lot of people changed their mind coming into the third and fourth quarters.
on the bond markets seeing yeelgds come lower in spain and italy. nudging higher for bunds and gilds. equities to remind you, ftse up 1.5%. 2% for the xetra dax after 29% last year. the cac 1.8%. the ibex 8% down for the year last year 4.7%. and that is the backdrop as we bring in tom elliot, global strategist at jpmorgan asset management. happy new year. u.s. equity markets negative in the fourth quarter unlike those in shanghai and nikkei which were up sharply. was that just a fear of the...
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Jan 17, 2013
01/13
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we keep our focus in the next half hour on the bond auction out of spain. we dip below for the first time since march last year. we'll see where we go with this auction. we're looking to auction up 4.5 billion of 2015, 2018 and 20411. if this auction goes fairly well, then they will have issued 9% of their total issuan plans for medium term debt. they are taking advantage of these lower yields that we continue to see and narrow spreads, as well. so we'll keep our eye on these as we go through. on the currency markets, euro/dollar, the euro has been up to 30-month highs against the swiss franc. trying to crawl back some gains. dollar/yen, 88.84. today the yen is a little weaker today on japanese reports minister's saying he was regretful his comments will be misinterpreted. aussie/dollar, 1.0517. we begin to focus on what's going on in rio. let's bring you up to speed with the rest of the news out of asia. li sixuan joins us for the first time out of singapore. >> thank you, ross. asian markets finished on a difficult note. the shanghai composite lost about
we keep our focus in the next half hour on the bond auction out of spain. we dip below for the first time since march last year. we'll see where we go with this auction. we're looking to auction up 4.5 billion of 2015, 2018 and 20411. if this auction goes fairly well, then they will have issued 9% of their total issuan plans for medium term debt. they are taking advantage of these lower yields that we continue to see and narrow spreads, as well. so we'll keep our eye on these as we go through....
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Jan 31, 2013
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so another -- in spain is bad loan ratio. you know at the end of december, the bad ratio to the spanish sector heats the record low. for the spanish operation, it was at 6.7% at the end of december. over to you, kelly. >> stephane, thanks very much for that. santander says its u.s. business could be in the second or third quarter of the year. >> should do it now given how good funding is for pe groups. >>> the u.s. senate is expected to vote this afternoon on a bill to suspend the debt ceiling for -- why not suspend it indefinitely? the house passed the measure last week. the senate version includes several republican amendments, matching spending cuts, every dollar increase in the ceiling and that's not expected to get passed. it will suspend it to may the 19th when it will be raised by the amount the treasury borrows in the interim. why -- greg is with us. greg is the economist. can we just get rid of the debt ceiling? it's a real brawl. >> just deep six that sucker like no other country deals with this it ottic device. hey
so another -- in spain is bad loan ratio. you know at the end of december, the bad ratio to the spanish sector heats the record low. for the spanish operation, it was at 6.7% at the end of december. over to you, kelly. >> stephane, thanks very much for that. santander says its u.s. business could be in the second or third quarter of the year. >> should do it now given how good funding is for pe groups. >>> the u.s. senate is expected to vote this afternoon on a bill to...
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Jan 23, 2013
01/13
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we're heading to spain. and lately in france, the employee federation and trade unions signed an important agreement to make the labor market in france more flexible. i think we are really up. there are still challenges, there are -- there's more to be done. and we're going to continue the work. i think we're on the right track. >> so how do you resize the bank going forward given the realities of the marketplace now? you've already cut jobs, slimmed down, sort of resized the bank based on what we're seeing. but can you categorically say that job cuts are done, or are there more ahead? >> well, regarding bnp parabas, we had deleveraging last year, and in terms of deleveraging and balance sheet adaptation to the new environment, this is done. then we're going to adjust to the business in the different fields. for example, in banking with further digitalization, we're going to be -- cost are going to be certainly very well controlled. overall, we don't expect significant job cuts in our cib operations over the
we're heading to spain. and lately in france, the employee federation and trade unions signed an important agreement to make the labor market in france more flexible. i think we are really up. there are still challenges, there are -- there's more to be done. and we're going to continue the work. i think we're on the right track. >> so how do you resize the bank going forward given the realities of the marketplace now? you've already cut jobs, slimmed down, sort of resized the bank based...
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Jan 25, 2013
01/13
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ten-year for spain, 5.16%. this is why you're starting to see this question as to whether the rally has gone too far. let's take a look at forex because a lot of major move in this space. the dollar/yen, up about 0.5%. 90. this is the level. of course, there's two things going on here. yen weakness, which has helped the nikkei. the aussie/dollar, firmer. sterling is rallying against the dollar. the euro is up 0.4%. 1.3430 is the level there after that stronger ifo data out of germany. now, mention the dollar/yen, mention what's going on with the nikkei, but let get plenty more on what's been happening along with some warnings on the strength of gloeg global demand coming from the likes of samsung. will i sixuan has plenty more from singapore. >> thank you, kelly. let's start with japan. that market yet begin took center stage in asia. december cpi came in at minus 0.2% piling more pressure on the boj to beat deflation and eventually meet that 2% inflation target. the boj jumped nearly 3% and it's up for the 11t
ten-year for spain, 5.16%. this is why you're starting to see this question as to whether the rally has gone too far. let's take a look at forex because a lot of major move in this space. the dollar/yen, up about 0.5%. 90. this is the level. of course, there's two things going on here. yen weakness, which has helped the nikkei. the aussie/dollar, firmer. sterling is rallying against the dollar. the euro is up 0.4%. 1.3430 is the level there after that stronger ifo data out of germany. now,...
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Jan 16, 2013
01/13
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and i mean, check out some of the bond yields in spain and italy. you know, the spanish ten-year bond yield dropped below 5% last week briefly. this is back to levels that we haven't seen since the crisis began, since before the crisis began. now this gives these -- these countries, you know, the breathing space to do that final part of, you know, the austerity. they still need to put through austerity. but it's becoming less of a drag on the economy. we'll see their economy return to growth. and you can't ultimately pay down debt until you've got economic growth. >> and just to get a little specific, what trades do you like then given the scenario that you're laying out? >> i think generally -- i think the story about europe is a global one because it's been the biggest drag on global growth. we've had a global confidence cries us that has prevented all of this cash -- if you look at u.s. companies, there's $2 trillion of cash -- >> trades, trades, pierce, trades. >> equities primarily. >> okay. >> and then you can pick. i think it's still going to
and i mean, check out some of the bond yields in spain and italy. you know, the spanish ten-year bond yield dropped below 5% last week briefly. this is back to levels that we haven't seen since the crisis began, since before the crisis began. now this gives these -- these countries, you know, the breathing space to do that final part of, you know, the austerity. they still need to put through austerity. but it's becoming less of a drag on the economy. we'll see their economy return to growth....
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Jan 4, 2013
01/13
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italy, slightly higher and in spain, as well. on the currency market, the big move has been dollar/yen, 87.95 is where we've been. 88.31 at the moment. so we've continued to move higher, the 2 1/2 year high on friday. expectations now the bank of japan will ado want dopt more aggressive easing while those minutes suggest the u.s. may stop sooner than expected. euro/dollar, down to 1.30. the aussie dollar is weaker is sterling is also down against the greenback. we were proep probing above 1.63 a couple of minutes ago. they said so the fed comments pretty much dominating today's market session. speaking earlier, principal investor jim corcoran suggested that qe hasn't been particularly effective. >> what we are actually seeing now, i think in terms of the fed comments is, you know, within a year or so we might start buying bonds, we might not need to put any qe into the economy. i doubt whether qe created the growth in the u.s. economy. i think it was a turn in the housing market. it was cheap energy and an improvement in u.s. man
italy, slightly higher and in spain, as well. on the currency market, the big move has been dollar/yen, 87.95 is where we've been. 88.31 at the moment. so we've continued to move higher, the 2 1/2 year high on friday. expectations now the bank of japan will ado want dopt more aggressive easing while those minutes suggest the u.s. may stop sooner than expected. euro/dollar, down to 1.30. the aussie dollar is weaker is sterling is also down against the greenback. we were proep probing above 1.63...
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Jan 21, 2013
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. >> especially through spain. >> ultimately, this is really an economic story. the periphery are a lagging indicator of what's going on in germany. my concern is sooner or later, these peripheral equity may start to be under pressure again. what are your positions on debt? >> i think at this stage we're still comfortable with the core. the reason, there's probably another risk off take his. whatever the reason behind it, it tends to protect the periphery, not the core. for example, france continues to perform very, very well. again, germany, it performs very well, yet the underlying fiscal issues remain quite acute. why? think back to the 1990s. japan, the fiscal situation degraded. what happens to jgb? they went down. so for the time being, i'm okay with the core, but soonerer on later, this is the risk the market has to focus on. >> allan, stay with us. we'll get plenty or thoughts from him. we want to check in on markets and look a little bit at equity these morning first. the stoxx europe 600 is opening down 0.2%. we're roughly split between decliners and ad
. >> especially through spain. >> ultimately, this is really an economic story. the periphery are a lagging indicator of what's going on in germany. my concern is sooner or later, these peripheral equity may start to be under pressure again. what are your positions on debt? >> i think at this stage we're still comfortable with the core. the reason, there's probably another risk off take his. whatever the reason behind it, it tends to protect the periphery, not the core. for...
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Jan 15, 2013
01/13
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spain is set to tap the bond market today. it's going to tell 12 and 18-month t bills. analysis is due in about 30 minutes' time. >>> and we'll head out to new york for discussions about dell going private. we'll have that discussion at 5:20 eastern time. before that, we'll head over to singapore to talk iron ore as rio tinto says it's boosting production by 15% this year. >>> meanwhile, just over an hour and 10 minutes into trade in europe, on the dow jones stoxx 600, 50/50. or 300/300, depending how you want to view it. we had a pause last night. right now, we're down .04%. the ftse 100 down 0.0 %. the xetra dax down 11 points, ibex down 71 points and 40 down 1.5 points. italy slightly higher on the bund yields. sannish yields back over the 5% mark. on the currency markets, euro/dollar is at 1.3361. dollar/yen pulling away from its nine-month highs at 88.70th at the moment, as well. that's where we stand in europe. sixuan has more for us from singapore in the asian session. >> sure. thank you, ross. asian markets were a bit of a mixed bag. the shanghai composite gaine
spain is set to tap the bond market today. it's going to tell 12 and 18-month t bills. analysis is due in about 30 minutes' time. >>> and we'll head out to new york for discussions about dell going private. we'll have that discussion at 5:20 eastern time. before that, we'll head over to singapore to talk iron ore as rio tinto says it's boosting production by 15% this year. >>> meanwhile, just over an hour and 10 minutes into trade in europe, on the dow jones stoxx 600, 50/50....
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Jan 18, 2013
01/13
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interestingly, spain and the uk are seeing their prices down, yields up a bit. italy, though, for the ten-year rallying a little bit to 4.17%. and the german bund is 1.6% this morning. forex is where most of the act and a lot of the market focus has been. we can take a look at a couple of key things this morning. let's start over here with the tlifty watch, as i like to call it. 1.2520. the ceiling was kept at 1.20 and for a time there was discussion about how much safe haven flows would put pressure on the banks. people were exiting that safe haven trade. adding .4% today. this has been a huge story. also a big one as the australian dollar weaker by 0.5% despite that stronger chinese figure. we'll have more discussion on that a little later in the program. the dollar/yen, 89.87. we did see this trade above 90 starting last night continuing through some parts of the morning. is it a short squeeze? perhaps. citi and is others are talking about how the yen is now undervalued after being overvalued for so long. euro/dollar, who cares about that one today? let's tal
interestingly, spain and the uk are seeing their prices down, yields up a bit. italy, though, for the ten-year rallying a little bit to 4.17%. and the german bund is 1.6% this morning. forex is where most of the act and a lot of the market focus has been. we can take a look at a couple of key things this morning. let's start over here with the tlifty watch, as i like to call it. 1.2520. the ceiling was kept at 1.20 and for a time there was discussion about how much safe haven flows would put...
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the borrowing costs are coming down for italy and spain and they still are going down. i expect them to fall again today for italy. that's good in terms of there's less stress, but it's not feeding into anything on the hard action. >> that's right. what struck me listening to the ecb's press conference yesterday, certainly the ecb have done a lot to sort of try and do something about the fragmentation of borrowing costs. that was a concern for the ecb during the second half of last year. we are finding a break up premium for the eurozone being priced into bond markets. it's difficult to tell. they continue to muddle through, kick the can down the road, whatever you want to call it. but what struck me yesterday was to say that conditions within the euro swoen is stabilized. but this comes in a week in which record levels of unemployment in the eurozone of 11.8%, it strikes me that the ecb is putting the requirement through the banking system before the unemployed and i think that is senseble. i think the recession continues in southern europe. >> fiscally, this is clearl
the borrowing costs are coming down for italy and spain and they still are going down. i expect them to fall again today for italy. that's good in terms of there's less stress, but it's not feeding into anything on the hard action. >> that's right. what struck me listening to the ecb's press conference yesterday, certainly the ecb have done a lot to sort of try and do something about the fragmentation of borrowing costs. that was a concern for the ecb during the second half of last year....